Page 6 - Arjun Mohan News Today

Shareholders abstained to vote initially on resolutions as new statutory auditors MSKA and associates had failed to join. The auditor later flagged lack of internal controls and its ability to continue as a going concern

Read about the resolutions passed and FY22 results revealed during Byju’s virtual annual general meeting (AGM). Get insights into the financial performance of the parent company and future plans.

The AGM was held at a crucial juncture, as the company navigates through a series of challenges, including being dragged to NCLT by BCCI and a delay in November salary payments for a segment of its employees

Amid the ongoing cash crunch at Byjus, founder and CEO Byju Raveendran told senior executives that he is aiming to address the crisis over the next 45-60 days.

Byju Raveendran, founder of educational technology (edtech) firm Byjus, has injected around Rs 4,000 crore of personal capital into the company in recent months. This move comes as the company grapples with challenges, including securing fresh capital, delays in financial reporting, and legal disputes with lenders. Raveendran has pledged personal property to assist the company in dealing with the crisis. He conveyed to employees that despite perceptions of being a billionaire, he has reinvested ...

The terminated office assets include 550,000 sq ft in Kalyani Tech Park in Whitefield and 70,000 sq ft in IBC Knowledge Park, people aware of the matter said. Both these assets were given up between 2022 and 2023.

Troubled edtech reduces notice period to 15-30 days across staff level to cut costs

Sources says Byju Raveendran is confident of pulling through via asset sales, without depending on capital from existing investors

India Business News: Byju's, the troubled edtech firm, is facing a severe cash crunch and may have to use proceeds from the sale of its unit, Epic, to sustain operations.

Raveendran also addressed concerns from on changes in its business plans and optimisation of cost – both on people and business front – to withstand the current crisis.